Taxes

[Heather721]

Do you have to claim this money on your taxes? I am very new to this so I have a lot of questions and concerns. Also does the money ever get taken back or do you ever owe any money? Anyone with an answer would be extremely helpful. 

[whitney1620]

Good question!!!!!!!1

[DroFildSwisher]

I think so, unless its just a small amount per year..... hope i dont get in truble haha

[hawkeye3210]

All income is supposed to be claimed on your tax returns, this included.  Whether or not you end up paying any taxes on it will depend on how much you make and other personal circumstances.

[vb543]

I think you only have to if you made over a certain amount in a year. It's like $600 I think.

[swogden]

I think you only have to if you made over a certain amount in a year. It's like $600 I think.

FC will send you and the IRS a 1099 if you earn more than $600 in a year.
If you don't report it as income in that year, the IRS will let you know that you owe them money and, maybe, hit you with fines.

I've never come close to that amount, but I suspect that when you are about to be paid an amount that would take you over $600, FC will ask you for your Tax ID number (social security #) or ask you to fill in a tax form for reporting that number before you send to that next payment.  They need that number to send in the 1099 to the IRS.

The IRS expects you to report ALL income regardless of the amount.  Whether you do or not is between you, your consciense and your tax attorney.

[dbcomputers01]

On most sites, when you reach $600 or will reach $600, you will need to file a W-9 with that company, a copy of a W-9 can be found here: http://www.irs.gov/pub/irs-pdf/fw9.pdf

If you refuse to file a W-9, the company will not pay you anymore money. I have seen sites that request a W-9 at the $300 mark, but the IRS rules are at $600. Really you should report this anyways, but until you reach $600 the IRS will never know 

After filing the W-9 the company (FusionCash) will send you a 1099-MISC at the end of the tax year.

[smy0850]

That is correct. Anything under $600 doesn't need to be reported

[dsawan]

You put as other income on your 1040, but it depends on how much you make as if its under a certain amt you would not report it. check IRS site or your tax preparer.